Maker Coin Price Prediction: Will MKR Maintain its Bullish Trend?

What is MakerDAO? A beginner’s guide
The bearish run finally came to an end earlier this year.
The price has broken previous resistances, and it remains to be seen whether this trend can continue.

MakerDAO is a blockchain protocol running on Ethereum, designed to maintain DAI, a stablecoin pegged to the value of $1 despite the volatility in the cryptocurrency market. MKR tokens allow users to participate in voting on rules and proposals that impact the functioning of DAI. As a part of the Decentralized Finance (DeFi) space, MakerDAO operates using two types of tokens: MKR and DAI.

The founding date of MakerDAO dates back to 2014, and it was officially launched on the Ethereum network in 2018 by its founder R. Christensen. The protocol has been instrumental in the DeFi ecosystem, providing stability and governance mechanisms for DAI.

MKR Price in the Previous Months

The bear run for MKR concluded near the New Year’s Eve, providing a significant gift to investors. The price, which was at $494, surged to approximately $973 in March. Afterward, there was a period of correction until July 4, 2023, when the resistance was finally broken. Although the price faced some rejection initially, the dominance of bullish traders pushed it back up to the current levels of $1231.

Current Pricing and Prediction

Indeed, the current price of MKR has crossed both the 50-day moving average (DMA) and the 200 DMA, indicating a very bullish trend. The fact that the 50 DMA crossed above the 200 DMA in the first week of July suggests high buying volume during that month.

Additionally, the price taking support from the 50 DMA in the last few days of June further strengthens the uptrend. These technical indicators point to a strong bullish momentum in the market for MKR.

Maker Coin Price Prediction: Will MKR Maintain its Bullish Trend?

The current price of MKR is on a constant uptrend, with no immediate resistances in sight. A recent, but weak, resistance was formed on July 27th at $1271. Given the current momentum, it is highly likely that this resistance will be broken unless there is a very strong rejection.

The second resistance at $1383 dates back to May 22, more than a year ago, indicating a potential significant hurdle if the price continues to climb.

On the support side, the first level at $1000 is robust, as confirmed during the days of March 23. The second support is at $864.

The overall prediction aligns with the current uptrend momentum, supported by a significant buying volume and a strong RSI, which has crossed the 74 mark. If the price breaks the first resistance ($1271), which is already close, it may present a favorable buying point.

Conclusion

MakerDAO, founded by Rune Christensen, is a blockchain protocol that relies on a distributed network of computers to maintain DAI, a stablecoin. The protocol’s native token, MKR, falls under the category of Decentralized Finance (DeFi) cryptocurrencies. MKR allows users to participate in voting on rules and proposals that impact the functionality of DAI.

The price of MKR started rising after January 2023 and is currently in a bullish momentum. The market is showing close supports and resistances, indicating potential price movement in the near term.